Who are the key players in Crane Market?

Sany heavy Industry Co. Ltd., Xuzhou Construction Machinery Group Co., Ltd, Zoomlion Heavy Industry Science and Technology Co., Ltd, Konecranes Oyj and Liebherr Group are the major companies operating in the Crane Market. Read More

Which is the fastest growing region in Crane Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Crane Market?

In 2024, the Asia-Pacific accounts for the largest market share in Crane Market. Read More

What years does this Crane Market cover, and what was the market size in 2023?

In 2023, the Crane Market size was estimated at USD 39.96 billion. The report covers the Crane Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Crane Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key challenges facing the Crane Market?

The key challenges faced by the Crane Industry are: a) High initial investment costs b) Maintenance expenses c) Need for skilled operators d) Safety concerns e) Regulatory compliance add to the operational complexity Read More

Crane Market Size

Market Size of Crane Industry

Study Period	2019 - 2029
Market Size (2024)	USD 42.64 Billion
Market Size (2029)	USD 57.76 Billion
CAGR (2024 - 2029)	6.28 %
Fastest Growing Market	Asia-Pacific
Largest Market	Asia-Pacific
Market Concentration	High
Major Players *Disclaimer: Major Players sorted in no particular order

Crane Market Analysis

The Crane Market size is estimated at USD 42.64 billion in 2024, and is expected to reach USD 57.76 billion by 2029, growing at a CAGR of 6.28% during the forecast period (2024-2029).

The global crane market is a dynamic and essential part of the construction and industrial machinery industry. It encompasses various crane types, including mobile, tower, crawler, and overhead cranes, serving industries such as construction, manufacturing, shipping, and logistics.

Manufacturers are implementing contingency plans to mitigate future business uncertainties and retain continuity with clients in the critical industries of the automobile sector.

Over the forecast period, the crane industry will benefit from automated technology deployment to decrease human involvement in manufacturing facilities and offices. The fast expansion of the infrastructure and building industry to various new construction and restoration projects creates a strong demand for these types of equipment.

The crane market is expanding due to increased government and private expenditure on new construction and development projects to offer improved infrastructure. The requirement for improved structures in several industry verticals, such as telecommunications, oil and gas, and manufacturing, also supports marketing. These machines are gaining popularity in various industries due to their superior performance and efficiency over traditional choices. The market is also anticipated to display healthy growth due to the construction of high-rise buildings like the Jeddah Tower in Saudi Arabia and the Merdeka 118 Tower in Malaysia.

• March 2024: The Liebherr Group, one of the largest construction machine manufacturers in the world, announced that its Saudi Arabian unit had secured a major order of 55 new all-terrain cranes - the biggest order in the company's history - from Arabian Machinery & Heavy Equipment Company (AMHEC).

• September 2023: The first 65-tonne Terrex TRT 65 rough terrain crane to be delivered in Italy was delivered and sent to an engineering services company for work at a refinery. The new crane was delivered by Terex dealer Tecno-Gru under a long-term rental agreement to Welding Duebi, based in Fiesso Umbertiano, north of Ferrara in the Veneto region. The company performs engineering work for the oil and gas, petrochemical, and energy industries.

Asia-Pacific is predicted to be the largest market for cars worldwide due to the large number of high-rise buildings under construction, rapid infrastructure development, high number of ports, and presence of many crane OEMs.

Crane Industry Segmentation

A crane is a machine used to lift and move heavy loads, machines, materials, and goods for a variety of purposes. It is used in different industries, from construction to manufacturing to shipbuilding and material loading.

The crane market is segmented by type, application type, and geography.

By type, the market is segmented into mobile cranes, fixed cranes, and marine and offshore cranes. Under mobile cranes, the market is further sub-segmented into all-terrain cranes, rough terrain cranes, crawler cranes, truck-mounted cranes, and other mobile cranes. Under fixed cranes, the market is sub-segmented into monorail and underhung, overhead track-mounted cranes, and tower cranes. Under marine and offshore cranes, the market is sub-segmented into mobile harbor cranes, fixed harbor cranes, offshore, and ship cranes.

By application type, the market is segmented into construction and mining, marine and offshore, and industrial applications.

By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The market sizing and forecasts have been done on the basis of value (USD) for all the above segments.

By Type

Mobile Crane
	All-terrain Crane
	Rough Terrain Crane
	Crawler Crane
	Truck-mounted Crane
	Other Mobile Cranes

Fixed Crane
	Monorail and Underhung
	Overhead Track-mounted Crane
	Tower Crane

Marine and Offshore Crane
	Mobile Harbor Crane
	Fixed Harbor Crane
	Offshore
	Ship Crane

By Application Type
		Construction and Mining
		Marine and Offshore
		Industrial Applications

By Geography

North America
	United States
	Canada
	Rest of North America

Europe
	Germany
	United Kingdom
	France
	Rest of Europe

Asia-Pacific
	China
	Japan
	India
	South Korea
	Australia
	Rest of Asia-Pacific

Rest of the World
	United Arab Emirates
	Saudi Arabia
	South Africa
	Brazil
	Other Countries

Need A Different Region Or Segment?

Customize Now

Crane Market Size Summary

The crane market is poised for significant growth over the forecast period, driven by increased demand in the construction and infrastructure sectors. This expansion is supported by heightened government and private investments in new construction projects, which are essential for enhancing infrastructural amenities across various industry verticals such as telecommunications, oil and gas, and manufacturing. The market is witnessing a shift towards advanced technologies, including automated systems, which are reducing human involvement in manufacturing processes. This trend is further bolstered by the rising popularity of all-terrain cranes, known for their versatility and ability to operate in challenging conditions, making them a preferred choice in the modern construction landscape.

The Asia-Pacific region is expected to lead the crane market, fueled by rapid urbanization, infrastructure development, and a surge in high-rise building projects. Countries like China and India are at the forefront, with substantial government initiatives aimed at improving infrastructure, such as the development of multi-modal logistics hubs and bullet train projects. The region's market growth is also supported by the introduction of innovative products by key players, including electric and hybrid cranes, which align with global sustainability goals. The crane market remains highly consolidated, with major players like Liebherr, Manitowoc, and XCMG dominating through strategic product launches and significant investments in research and development to meet the evolving demands of the construction, mining, and industrial sectors.

Explore More

Crane Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Market Drivers
  1. 1.1.1 Growing Infrastructure Development
  2. 1.1.2 Industrial Growth
2. 1.2 Market Challenges
  1. 1.2.1 Economic Volatility
3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis
  1. 1.3.1 Threat of New Entrants
  2. 1.3.2 Bargaining Power of Buyers
  3. 1.3.3 Bargaining Power of Suppliers
  4. 1.3.4 Threat of Substitute Products
  5. 1.3.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
1. 2.1 By Type
  1. 2.1.1 Mobile Crane
    1. 2.1.1.1 All-terrain Crane
    2. 2.1.1.2 Rough Terrain Crane
    3. 2.1.1.3 Crawler Crane
    4. 2.1.1.4 Truck-mounted Crane
    5. 2.1.1.5 Other Mobile Cranes
  2. 2.1.2 Fixed Crane
    1. 2.1.2.1 Monorail and Underhung
    2. 2.1.2.2 Overhead Track-mounted Crane
    3. 2.1.2.3 Tower Crane
  3. 2.1.3 Marine and Offshore Crane
    1. 2.1.3.1 Mobile Harbor Crane
    2. 2.1.3.2 Fixed Harbor Crane
    3. 2.1.3.3 Offshore
    4. 2.1.3.4 Ship Crane
2. 2.2 By Application Type
  1. 2.2.1 Construction and Mining
  2. 2.2.2 Marine and Offshore
  3. 2.2.3 Industrial Applications
3. 2.3 By Geography
  1. 2.3.1 North America
    1. 2.3.1.1 United States
    2. 2.3.1.2 Canada
    3. 2.3.1.3 Rest of North America
  2. 2.3.2 Europe
    1. 2.3.2.1 Germany
    2. 2.3.2.2 United Kingdom
    3. 2.3.2.3 France
    4. 2.3.2.4 Rest of Europe
  3. 2.3.3 Asia-Pacific
    1. 2.3.3.1 China
    2. 2.3.3.2 Japan
    3. 2.3.3.3 India
    4. 2.3.3.4 South Korea
    5. 2.3.3.5 Australia
    6. 2.3.3.6 Rest of Asia-Pacific
  4. 2.3.4 Rest of the World
    1. 2.3.4.1 United Arab Emirates
    2. 2.3.4.2 Saudi Arabia
    3. 2.3.4.3 South Africa
    4. 2.3.4.4 Brazil
    5. 2.3.4.5 Other Countries